PHOTO
Supports UAE’s growing SME sector in connecting enterprise to opportunity
Dubai: Emirates NBD, a leading banking group in the region, today announced that it has created E20., the UAE’s first digital business bank for entrepreneurs and SME businesses. E20. will enable start-ups, sole proprietors, freelancers, gig economy workers, fintechs and insurtechs and small-to-medium sized companies to open a bank account and carry out their day-to-day banking requirements easily through a mobile app as well as access a variety of services to help them in managing their business.
Commenting on the announcement, Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD said, “Emirates NBD has a shared commitment to the growth and development of young businesses in the UAE and we are pleased to be launching E20., a custom-built digital business bank that will support the courage of entrepreneurs and enable start-ups as well as emerging and established small business owners to access banking services and more, seamlessly and conveniently, helping them focus more of their time on growing their business.”
According to a recent report released by Dubai Chamber in conjunction with the UAE Ministry of Economy on the banking challenges faced by new and emerging businesses, nearly 65% of UAE entrepreneurs surveyed believe that banking is the first challenge they face, with opening a bank account taking up to three months in some cases. E20. will enable business customers to promptly open a bank account, carry out local and international transfers as well as make bill payments, all on their smartphones. Customers will also be able to obtain a cheque book and debit card, and have access to Emirates NBD’s extensive ATM & CDM (cash and cheque deposit machines) network to help manage their day-to-day banking needs.
Shayne Nelson, Group CEO of Emirates NBD said, “The E20. digital business bank has been developed by a dedicated team of business banking professionals and digital technologists who engaged with potential customers to understand their needs and cater to their specific banking and financial management requirements as UAE business owners. The new bank will have seamless digital account opening which leverages new local advancements such as e-KYC modules as well as the UAE Pass for digital biometric-based identification along with easy, intuitive tools. E20. will help business owners manage their finances and cash flows efficiently and in an affordable manner while also powering their decision-making and growth plans.”
In addition to providing banking services, E20. will provide business owners the digital tools to conveniently generate invoices, track receivables, view P&L statements as well as make and reconcile payments to vendors and suppliers. E20. will also deliver information on VAT returns and provide insights on expenses and cash flows which will help customers run their businesses more efficiently, along with features to help them get paid quicker. Furthermore, customers will have 24/7 access to a Relationship Manager through an in-app live chat capability to help them with any requests they may have.
E20.’s beta launch will be initially available by invitation-only to a select group of entrepreneurs, allowing them to test key features such as the digital onboarding journey and provide feedback. The co-created digital business bank will open to UAE business customers following the successful completion of the beta phase by Q1 2020.
E20. is Emirates NBD’s second digital bank, following the success of Liv., the UAE’s first lifestyle-based digital bank for millennials and Gen-Z launched in 2017.
About Emirates NBD
Emirates NBD is a leading banking Group in the region. As at 30th June 2019, total assets were AED 537.8 Billion, (equivalent to approx. USD 146 Billion). The Group has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry, with over 90 per cent of all financial transactions and requests conducted outside of its branches. The bank was declared the Most Innovative Financial Services Organization of the Year at the 2017 BAI Global Innovation Awards.
The bank currently has 233 branches and 1081 ATMs and SDMs in the UAE and overseas and a large social media following, being the only bank in the Middle East ranked among the top 20 in the ‘Power 100 Social Media Rankings’, compiled by The Financial Brand. It is a major player in the UAE corporate and retail banking arena and has strong Islamic Banking, Global Markets & Treasury, Investment Banking, Private Banking, Asset Management and Brokerage operations.
The Group has operations in the UAE, the Kingdom of Saudi Arabia, Egypt, India, Singapore, the United Kingdom and representative offices in China, Indonesia and Turkey.
On 31st July 2019, Emirates NBD acquired Denizbank, a leading bank in Turkey with total assets of AED 134 Billion as at 30th June 2019 (equivalent to approx. USD ~36 Billion), operating through a network of 749 branches, with presence in Turkey, Austria, Germany, Bahrain and Moscow.
Emirates NBD Group is an active participant and supporter of the UAE’s main development and community initiatives, in close alignment with the UAE government’s strategies, including financial literacy and advocacy for inclusion of People with Disabilities under its #TogetherLimitless platform. Emirates NBD Group is a Premier Partner and the Official Banking Partner for Expo 2020 Dubai. For more information, please visit: www.emiratesnbd.com
For further information on Emirates NBD, please contact:
Ibrahim Sowaidan
Senior Vice President
Head - Group Corporate Affairs
Emirates NBD
Telephone: +971 4 609 4113 / +971 50 6538937
e-mail: ibrahims@emiratesnbd.com
Tricia Kaul
asda’a bcw; Dubai, UAE
Tel: 971-4-4507600; Fax: 971-4-4358040
Email: Tricia.Kaul@bcw-global.com
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
